I have to say that the news on today’s Bloomberg that Iceland was negotiating a $5.4 billion stabilization loan with Russia did not fill me with a sense of comfort about the political implications and the ways in which the world is moving.

—Former U.S. Treasury Secretary Larry Summers

This is going to be a longer recession than the last four, over three decades, where the average duration was about 12 months. I think it is going to be deeper in terms of decline.

—Marty Feldstein

Rate cuts, federal funds cuts, are not going to be enough

—Hans Genberg, the executive director for research at the Hong Kong Monetary Authority

The key lesson is when you face a confidence issue where the market participants no longer trust each other, the conventional macroeconomic tools are not as effective.

—Olaf Unteroberdoerster, International Monetary Fund, Hong Kong